Tron – New Bitfinex Payment Tool Supports Bitcoin’s Lightning Network – Latest News, Breaking News, Top News Headlines

Key facts:

The payment method is available for bitcoin, ether and other cryptocurrencies.

Bitfinex Pay has a payment limit of USD 1,000.

The cryptocurrency exchange Bitfinex launched a new payment tool called Bitfinex Pay on March 3. It is designed for businesses and companies that want to accept payments in bitcoin and other cryptocurrencies.

In a statement, the company highlighted that the new means of receiving payments is supported by the Bitcoin Lightning network (BTC), which was already part of the platform since December 2019. Lightning is a network of instant payment channels, very low commissions.

You can also pay with ether (ETH), bitcoin (BTC), Tether tokens (USDt) through the Ethereum or Tron network. Merchant websites will be able to integrate the widget (small application or program) of Bitfinex Pay, so that customers can pay more easily.

According to Bitfinex, the value of the transactions made by each user with the new payment gateway, may not exceed USD 1,000 Y there will be no commission charge for de side of the company. However, both merchants and clients will have to bear the cost of the fees corresponding to the use of the blockchain used.

In the first instance, merchants or companies who wish to use Bitfinex Pay, must register on the platform to obtain an account, then it will have to be verified at least the intermediate level, which will allow the merchant to have access to advanced trading functions and one more offer. wide range of products and digital assets. Then you must request the verification corresponding to the merchant.

Unlike similar platforms such as BitPay, merchant clients will not have to register with Bitfinex, nor do KYC (Know Your Client), which gives users a higher degree of privacy.

For his part, the CTO of Bitfinex, Paolo Ardoino, stated that the company’s objective is to confront “the established giants in the area of ​​technology and payments, taking advantage of our knowledge in the industry to bring payments in cryptocurrencies to the ordinary people ”.

Ardoino sees this as the “era of digital money” and with the new tool there is a new “hassle-free and intuitive way for online merchants to receive payments.”

Company executives believe that Bitfinex Pay could try to compete with PayPal, which until now only allows you to buy cryptocurrencies, but not to pay for goods and services with crypto assets unlike the new Bitfinex bet.

Bitfinex and their legal fight

The cryptocurrency exchange Bitfinex, which is also responsible for the stablecoin USDT, spent two years facing the justice of New York, after it was accused of offering services illegally, covering up operations and lying about the endorsement of the currency anchored to the dollar.

Recently, CriptoNoticias reported that the company reached an agreement with the New York Attorney General’s Office to pay a fine of 18.5 million dollars and also will not be able to operate in the state of New York.